Real Estate Rumblings
Average San Antonio home prices soar past $300,000 in scorching summer selling season
San Antonio real estate is continuing its upward trajectory, echoing trends seen in cities across the nation. In its July Housing Trends Report, the San Antonio Board of Realtors revealed double-digit growth in both home sales and average sale price in the Alamo City, welcome news in an economy reeling from the ongoing pandemic crisis.
Home sales last month climbed a whopping 25 percent over July 2019, with 4,231 homes sold. Even after a rocky spring brought on by the COVID-19 crisis, the wild summer selling months have still bolstered the local residential real estate market 4 percent over last year.
The average price of a single-family home has climbed 10 percent to $302,068. The median home price echoed that of the average, climbing 9 percent to $260,700.
This time last year, the average price of an Alamo City home was well below the $300K threshold, at $274,945, while the median stood at just $238,900, according to SABOR data.
“The data indicates positive increases throughout home sales showing San Antonio and surrounding areas leading in the market,” said Kim Bragman, SABOR's 2020 chairman of the board. "We are working to keep all home buyers and sellers as well-informed as possible, so that no one misses the opportunity to buy their dream home or sell their current home to find their forever home."
Despite evidence of the real estate market heating up, the length of time the average home spent on the market in San Antonio increased, a seemingly contradictory trend. In July, a property spent an average of 57 days waiting to sell — a 2 percent decrease.
Despite this slight dip, the near two-month period actually indicates a balanced market, an area where other major Texas areas are struggling.
According to the report, Bexar County had 5,167 active listings and 3,066 total home sales in July — more sales than any other major county in Texas. Unlike Travis (Austin), Harris (Houston), and Dallas counties, which all saw declines in home sales from January to July, Bexar County has continued to grow, with sales increasing 6.5 percent during that same seven-month period.